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PARRIS N. GLENDENING, Governor
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S.B. 383
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Maryland—Higher—Education—Investment—Program Qualified Tuition
Programs - Income Tax Treatment
FOR the purpose of prohibiting the Maryland Higher Education Investment Board
from allowing the same purchaser to purchase more than one prepaid tuition
contract for a single beneficiary in the same calendar year; authorizing the
Board to allow a purchaser to purchase multiple tuition plans for the same
beneficiary under a single prepaid contract and to provide for multiple payment
options under a single prepaid contract; prohibiting the Board from allowing the
same contributor to open more than one investment account for a single
beneficiary in the same calendar year; authorizing the Board to allow a
contributor to invest in multiple portfolios for the same beneficiary under a
single investment account; clarifying the application of a certain Maryland
income tax addition modification and certain Maryland subtraction
modifications to certain amounts that qualify for certain treatment under
federal income tax law relating to qualified tuition programs; clarifying the
application to spouses on a joint income tax return of certain limitations under
certain Maryland income tax subtraction modifications for purchases or
contributions under certain qualified tuition programs; providing for the
application of this Act; and generally relating to the Maryland income tax
treatment of certain purchases or contributions under certain qualified tuition
programs administered by the Maryland Higher Education Investment Board
altering a certain addition modification under the Maryland income tax for
certain distributions from certain qualified tuition programs; altering certain
subtraction modifications under the Maryland income tax for certain
contributions to certain qualified tuition programs; repealing a certain
Maryland income tax subtraction modification made obsolete as a result of
certain changes to the federal income tax treatment of qualified tuition
programs; providing for the application of this Act; and generally relating to the
income tax treatment of contributions to and distributions from certain
qualified tuition programs.
BY repealing and reenacting, with amendments,
Article—Education
Section 18-1909(c) and 18-19A-03(c)
Annotated Code of Maryland
(2001 Replacement Volume)
BY repealing and reenacting, with amendments,
Article - Tax — General
Section 10-205(h) and 10-208(n) and (o)
Annotated Code of Maryland
(1997 Replacement Volume and 2001 Supplement)
BY repealing
Article - Tax - General
Section 10-207(s)
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- 4551 -
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